Ge Long Hui·2026-01-21 02:57Core Viewpoint - Huatai Securities reports that Bubble Mart's performance in Q4 last year showed strong resilience both domestically and internationally, supported by the strength of its IP matrix after the sales peak of Labubu 3.0 [1] Group 1: Performance Insights - The company's sales growth is underpinned by the strength of its IP matrix, indicating a solid foundation for future performance [1] - Bubble Mart repurchased 1.4 million shares for HKD 251 million on January 19, reflecting the company's confidence in its growth prospects [1] Group 2: Valuation and Recommendations - Huatai Securities believes that the sustainability of Bubble Mart's performance growth and its medium to long-term potential are undervalued [1] - The current market valuation is considered attractive amid existing market discrepancies, maintaining a "Buy" rating with a target price of HKD 410 [1]